Singapore's future as a global city in a 'deglobalising' world
Singapore draws sustenance from the international economic system, to which as a global city it belongs, and that system will be the final arbiter of whether the Republic prospers or declines.
Closing up and joining in the backlash against globalisation is not an option for Singapore. In contrast to global city competitors like Hong Kong, Tokyo or London, Singapore is not part of a larger nation and thus lacks its own hinterland. It cannot sustain itself by its small domestic market alone. It is thus crucial for Singapore to continue embracing globalisation and stay well connected, says Prof Euston Quah, Albert Winsemius Chair Professor of Economics at NTU. "We have to be relevant to the world to ensure our continued prosperity and, in the long run, our sustainability," he adds.
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